Nairobi — African Banker Magazine has named Kamau Thugge the Central Bank Governor of the Year for spearheading reforms in the economy.

The awards committee cited the role played by the CBK boss in addressing market failures as well as stimulating the economy.

Under his watch, Thugge has been able to stabilize the shilling, which had risen to as high as one dollar to Sh160.

Inflation has also dropped from a high of 6.9 percent in January to 5 percent in April.

Such improvement has been linked to decisions by the CBK's Monetary Policy Committee (MPC) to increase base rates.

For instance, MPC last month lowered its lending rate to 13 percent amid easing inflation and shilling stabilization.

"In granting you this accolade, the Committee recognised your recent achievements as Central Bank Governor and recognised the strategic role the Central Bank is playing to address market failures and to help put the economy on the right footing to stimulate growth," the award committee said.

The award was announced yesterday in Nairobi at the African Bankers Awards event, which was held on the sidelines of the 2024 Annual Meetings of the African Development Bank.

In its 18th year now, it honors institutions and individuals who have contributed significantly to the reform, modernization, and expansion of Africa's banking and financial sector while driving the continent's sustained economic growth.

"This year has presented significant challenges for central bank governors worldwide, and we across the continent have not been immune to the economic and geopolitical turmoil," Thugge said.

"Despite the challenges, during your tenure in office, you have successfully stabilised markets and instilled confidence in the Kenyan economy. The markets have responded by showing their faith and support for the Kenyan shilling, and the banking sector has demonstrated remarkable resilience, positioning itself as a true regional leader."